Refinance Calculator
Compare your current loan with a new one to see how much you save each month, when the costs pay back and the lifetime saving.
- Free
- No sign-up
Enter your current and new loan details to see the savings.
Worked example
With these example inputs:
- Loan balance$250,000
- Current rate8%
- Years left25 yr
- New rate6%
- New term25 yr
- Refinance costs$3,000
Monthly savings: $318.79
- New payment$1,611
- Current payment$1,930
- Break-even10 mo
- Lifetime savings$92,636
Frequently asked questions
What is the break-even point?
It is how long the monthly saving takes to cover the refinance costs. After that point you are ahead. Before it, you have not yet recovered the costs.
Can refinancing cost more overall?
Yes. A lower rate on a longer term can lower the monthly payment but raise the total interest, so check the lifetime saving, not just the monthly figure.
What fees come with refinancing?
Closing costs, appraisal and origination fees, which you weigh against the monthly savings.
Should I refinance to a shorter term?
It can save a lot of interest, though the monthly payment usually rises.
How much lower should the new rate be?
There is no fixed rule, so compare the savings against the costs using the break-even point.